All change for UK banking groupsBrands such as Bradford and Bingley to disappear

28 May 2009

Abbey logo

Abbey, Alliance & Leicester and Bradford & Bingley are all to be rebranded as parent company Santander ups its UK profile. 

Customers of Abbey, Alliance & Leicester and Bradford & Bingley will continue to be protected by the Financial Services Authority

Anyone with complaints still receives protection under the Financial Services Compensation Scheme, which helped customers of  the failed Icelandic bank Icesave last winter.

Abbey: consumers will be protected

An Abbey spokeswomen said: 'There are no plans to change the current banking licence structure with all customers continuing to be afforded the same level of protection at this time. 

'Today's announcement is about our intention to change the brands which we operate, not the structure of our businesses. 

'Currently Abbey and Bradford & Bingley are under one licence while Alliance & Leicester is under a separate licence.' 

Although there are no plans to change the way consumers' savings are protected under the FSCS, savers should be alert to any future restructuring, which could see all three brands authorised as a single entity rather than individually. This would mean that only the first £50,000 of any savings would be protected. Currently a customer with £50,000 in an Abbey account and the same amount in an Alliance & Leicester account would get all of their money back in the event of Santander collapsing.  

pound coins

Which? Money when you need it

You can follow @WhichMoney on Twitter to keep up-to-date with our Best Rates and Recommended Provider product and service reviews.

Sign up for the latest money news, best rates and recommended providers in your newsletter every Friday.

Or for money-saving tips, and news of how what's going on in the world of finance affects you, join Melanie Dowding and James Daley for the Which? Money weekly money podcast

For daily consumer news, subscribe to the Which? news RSS feed here. And to find out how we work for you on money issues, visit our personal finance campaigns pages.